Core & Main, Inc. (NYSE:CNM) Sees Large Increase in Short Interest

Core & Main, Inc. (NYSE:CNM) was the target of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 13,050,000 shares, a growth of 6.0% from the November 30th total of 12,310,000 shares. Currently, 6.9% of the company’s shares are sold short. Based on an average daily volume of 2,480,000 shares, the days-to-cover ratio is currently 5.3 days.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Bank of America decreased their price target on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Royal Bank of Canada restated an “outperform” rating and issued a $62.00 target price (up from $53.00) on shares of Core & Main in a research note on Wednesday, December 4th. Barclays raised their price target on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. The Goldman Sachs Group boosted their price objective on shares of Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a report on Thursday, December 5th. Finally, Loop Capital raised their target price on Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Core & Main presently has an average rating of “Moderate Buy” and a consensus price target of $58.10.

Core & Main Stock Up 0.8 %

NYSE:CNM opened at $51.33 on Friday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. The company has a market capitalization of $10.20 billion, a price-to-earnings ratio of 24.10, a price-to-earnings-growth ratio of 2.95 and a beta of 1.04. Core & Main has a one year low of $37.22 and a one year high of $62.15. The stock has a 50-day simple moving average of $48.18 and a 200 day simple moving average of $47.77.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.65 by $0.04. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The company had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same quarter last year, the firm earned $0.65 EPS. The business’s revenue was up 11.5% on a year-over-year basis. Sell-side analysts predict that Core & Main will post 2.16 EPS for the current fiscal year.

Insider Transactions at Core & Main

In other Core & Main news, CEO Stephen O. Leclair sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total value of $10,976,000.00. Following the transaction, the chief executive officer now directly owns 92,349 shares of the company’s stock, valued at $5,068,113.12. This trade represents a 68.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jeffrey D. Giles sold 25,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $54.71, for a total value of $1,367,750.00. Following the completion of the sale, the executive vice president now directly owns 11,615 shares of the company’s stock, valued at $635,456.65. The trade was a 68.28 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 290,000 shares of company stock worth $15,926,000. 3.49% of the stock is currently owned by company insiders.

Institutional Trading of Core & Main

Several institutional investors have recently added to or reduced their stakes in CNM. Ritholtz Wealth Management boosted its holdings in shares of Core & Main by 32.6% in the 2nd quarter. Ritholtz Wealth Management now owns 17,664 shares of the company’s stock valued at $864,000 after buying an additional 4,340 shares during the period. CIBC Asset Management Inc bought a new stake in shares of Core & Main in the 2nd quarter worth approximately $264,000. Versor Investments LP acquired a new position in Core & Main during the 2nd quarter valued at approximately $533,000. Rhumbline Advisers grew its stake in Core & Main by 6.2% during the 2nd quarter. Rhumbline Advisers now owns 508,554 shares of the company’s stock worth $24,889,000 after buying an additional 29,490 shares during the last quarter. Finally, Fiera Capital Corp grew its stake in Core & Main by 7.9% during the 2nd quarter. Fiera Capital Corp now owns 162,250 shares of the company’s stock worth $7,941,000 after buying an additional 11,904 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Company Profile

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.